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The Australian PGA Championship will remain at Coolum for the next five years, according to Palmer Coolum Resort owner Clive Palmer

Earlier this week it was announced the tournament would be lost to the Sunshine Coast as a result of Mr Palmer's resort being unable to reach agreement with the PGA executives on a number of issues.

The disagreement apparently revolved around sponsorship issues and signage around the course

The presence of Jeff the dinosaur, although a talking that has resulted in worldwide interest, also created concerns.

However, Mr Palmer today rejected that fatal scenario

"It would be wrong to say the flame has gone out hope is still alive," Mr Palmer said in an early morning media conference.

"I am very confident the PGA will be here for the next five years, I'm sure the PGA knows that too."

Mr Palmer said the PGA board would meet on Wednesday he expected news on the issue then.

The PGA was not represented at Mr Palmer's media conference and has so far declined to comment on speculation.

Other golf clubs are already circling, with sources reporting a strong presence at the PGA tournament of officials from the Links Hope Island Championship Course which, at 6364m and par 72, is described as the Gold Coast's finest.

Speculation was rife at Coolum on Thursday that the Hope Island contingent planned a detailed presentation to the PGA this weekend in a bid to win the event.

The Capricorn region is also set to bid to host next year's event, with a bid committee in place to put together a proposal to lure organisers to the Mercure Capricorn Resort, Yeppoon.